NORTHROP GRUMMAN CORP DE
For the period ended Dec 31, 2024. Filed Jan 30, 2025.
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FY2024 · Filed Jan 30, 2025
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5. Inventoried Costs, Net
- INVENTORIED COSTS, NET
Inventoried costs are principally associated with contracts where the U.S. government is the primary customer, therefore the company does not believe it has significant exposure to recoverability risk related to these amounts. Inventoried costs associated with our commercial businesses, while less significant in total, are subject to a greater level of recoverability risk.
Inventoried costs, net consisted of the following:
| $ in millions | 2024 | 2023 |
|---|---|---|
| Raw materials | $293 | $338 |
| Work in process | 1,118 | 719 |
| Finished goods | 44 | 52 |
| Inventoried costs, net | $1,455 | $1,109 |
Inventoried costs, net increased $346 million, or 31 percent, largely due to an increase in costs incurred for specific anticipated contracts to reduce customer delivery lead times.
The company recorded write-downs of commercial business inventory at Space Systems for which its cost exceeded net realizable value of $43 million during the year ended December 31, 2023. In addition, the company recognized a $45 million reduction of inventoried costs related to the B-21 program at Aeronautics Systems during the year ended December 31, 2023.
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